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Permanent TSB has confirmed it will cut its standard variable rate by more than the drop announced yesterday by the European Central Bank.
The ECB reduced interest rates by a quarter of one percent to a new record low yesterday - today Permanent TSB said its rate will come down by 0.35 of a percentage point from the end of the month.
It says it will save borrowers 40 euro a month on a two hundred thousand euro twenty-five year mortgage.
This is the bank's second rate cut in 10 weeks and its standard variable rate is now 4.34 percent. This rate is still higher than its competitors.